Such a charter comes with a bevy of legal and policy questions to resolve, including whether parent companies of firms that obtain a fintech charter would have to subject themselves to oversight by the Federal Reserve Board. State regulators, meanwhile, fear a new charter could erode their ability to regulate firms within their jurisdictions.
U.S. Bank is using geolocation to make sure customers' card transactions are approved when they are traveling. It is just one example of how more companies are asking customers to let them track their phones.
The California company will report a quarterly loss after credit issues surfaced in its technology lending division. Opus had expressed an interest earlier this year to expand the business after making a key hire.
Strong growth in deposits and mobile users at Bank of America, together with questions tied to the phony account scandal at Wells Fargo, had B of A executives addressing whether their bank and others would be better off than ever by scaling back branches.
As a result of the SEC's latest reforms, today's money-market funds are very different products than their precrisis predecessors. Calls for additional layers of burdensome regulation over this industry are unwarranted.
Student loan borrowers face breakdowns and delays in applying for repayment plans that feature loan forgiveness or interest subsidies, the Consumer Financial Protection Bureau said in a report released Monday.
The Federal Financial Institutions Examination Council reiterated Monday that its cybersecurity assessment tool is voluntary, despite bankers' fears that not using it could put them in hot water with their examiners.
Opus Bank in Irvine, Calif., said Monday that it expects to report a third-quarter loss of 5 cents a share, reflecting $38.8 million in chargeoffs tied to eight loans in its technology, commercial and specialty lending divisions.
What's Next for Energy Lenders? Lots of 'Wound-Licking'
Expect banks to pull back on energy lending in the near term, as regulators step up their scrutiny of oil loans and bankers approach the business with a "different attitude," says Mariner Kemper, chairman and chief executive at UMB Financial in Kansas City, Mo.
The post-election rise in stock prices has been a boon for investors, but it is also causing notable changes for financial institutions. Here are a number of ways that the rally can help and hurt the banking industry.
It's the time of year to give thanks, and for bankers some things to be grateful for include rising stock prices, a brightening M&A outlook and, most notably, the potential for regulatory relief under President-elect Donald Trump. Here is a list of developments the industry might be celebrating this Thanksgiving holiday.
Bankers are anxiously waiting to see who President-elect Donald Trump will pick as the next Treasury secretary. Several prominent names have been floated for the job, though with every passing day, a new possible choice seems to pop up. Following is a look at the current crop of candidates and their chances.
Mobile phones are only going to become a bigger part of how banks interact with their customers, so several institutions are looking to enhance that experience. They are focusing on better ways of opening accounts, verifying identities, interacting with customers and offering new services and features. Here are some of the improvements announced this year.
This year federal and state regulators have started to pay closer attention to the rapidly evolving online-lending sector particularly online small-business lending. What follows is a look at eight key players in the debate over how to regulate this emerging industry.